Pan American Silver Corp. (PAAS:CA) Q4 2025 Earnings Call Transcript
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SA Transcripts158.49K FollowersFollow5ShareSaveCommentsQ4: 2026-02-18 Earnings SummaryPlay CallPlay CallSlidesEPS of $1.52 beats by $0.31 | Revenue of $1.62B (39.28% Y/Y) beats by $85.08M Pan American Silver Corp. (PAAS:CA) Q4 2025 Earnings Call February 19, 2026 11:00 AM EST Company Participants Siren Fisekci - Vice President of Investor Relations & Corporate CommunicationsMichael Steinmann - President, CEO & DirectorSean McAleer - Senior Vice President of Corporate Affairs & EnvironmentIgnacio Couturier - Chief Financial Officer Conference Call Participants Cosmos Chiu - CIBC Capital Markets, Research DivisionFrancesco Costanzo - Scotiabank Global Banking and Markets, Research DivisionDon DeMarco - National Bank Financial, Inc., Research Division Presentation Operator Thank you for standing by. This is the conference operator. Welcome to the Pan American Silver Fourth Quarter and Full Year End 2025 Results Conference Call. [Operator Instructions] At this time, I'd like to turn the conference call over to Siren Fisekci, Vice President, Investor Relations. Please go ahead, ma'am. Siren FisekciVice President of Investor Relations & Corporate Communications Thank you for joining us today for Pan American Silver's conference call and webcast to discuss our fourth quarter and full year 2025 results. This call includes forward-looking statements and information and references non-GAAP measures. Please see the cautionary statements in our MD&A, news release and presentation slides for the period ended December 31, 2025, all of which are available on our website. I'll now turn the call over to Michael Steinmann, Pan American's President and CEO. Michael SteinmannPresident, CEO & Director Good morning, everyone. I'm glad you could join us to discuss Pan American's 2025 results and our outlook for 2026. I'll start with the headline. We delivered record financial results across the board in Q4 and for the full year 2025, reflecting strong execution of our business and meaningful margin expansion from higher metal prices. Net earnings were a record $452 million in Q4 or $1.07 per basic share, which included $61 million of income from our investment in Juanicipio. For